How Do I Aquire This Condo
Seller is offering a 1b 1ba condo for 35k
will owner finance with 3k down and 32k over 30 with a balloon after one. Rent for approx. $700 per month. He says he REALLY needs to sell. I said there does not seem to be enough on the table for myself after the association fee 268.00 is paid and he is paid each month. Does anyone have any ideas on how I should approach this deal.
Tom
PS Out of state deal should I be worried?
If your issue is that you would like more cash flow tinker with the rate of that seller mortgage until you get a cash flow more in line with your desires. But with a one-year balloon I don't see where cash flow should be your primary concern in this transaction. With a NOI annually of about $5,000 this looks like a pretty good deal to me if you do this sort of thing.
Are there any other concerns that I should be aware of being a out of state owner. Thanks Tom
PS do you know of any links to RE Options? Not Lease Options. I have never heard of this before until reading an article that a Legrand student wrote....amazing... couldnt fall asleep.
Anyway thanks again...
Tom
Be sure to examine the condo association agreement very closely. We had a condo on Mustang Island on the Texas Coast, and the association made repairs and improvements to the common areas and assessed each owner for their share of the cost. The condo board which is usually controlled by one or two resident owners can vote to do this, and the absentee owners never even know about it until they receive the bill. When this happened to us, it took seven months of gross rent to pay the assessment. Beware of the condo board!
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